CityDev acquires 3 prime freehold residential sites
By Loh Kim Chin, Channel NewsAsia | Posted: 26 March 2007 2132 hrs
SINGAPORE: City Developments has acquired three prime freehold residential sites along Thomson Road, near Balestier Road, for a total of S$81.3 million.
The three sites - measuring 56,799 square feet in all - are currently occupied by Concorde Residences, the adjoining Balestier Court and Bright Building.
The property developer also bought a piece of adjoining state land measuring 3,415 square feet.
All in, the land cost works out to about S$490 per square foot, per plot ratio.
Together, the three sites and the state land will give a total land area of 60,214 square feet.
It will allow for a new development with a maximum potential gross floor area of 168,600 square feet.
It has the potential to yield 150 units averaging 1,200 square feet each.
Meanwhile, all the 18 owners of the nearby Thomson Mansions have agreed to a collective sale of their 17,500 square feet site.
They are looking at S$32 million for the freehold site.
This works out to S$657 per square foot, per plot ratio.
- CNA/so